(Alliance News) - Rambler Metals & Mining PLC on Friday reported a fall in production over the first quarter which is expected to continue into the second as the miner looks at ramping up operations in the second half of the year.
Rambler shares sunk 22% at 0.43 pence each in London on Friday midday.
The operator of the Ming copper-gold mine in Newfoundland & Labrador, Canada reported revenue of CAD7.1 million in the first quarter, up 7.6% from USD6.6 million in 2020.
Saleable copper production was down 28% to 876 tonnes from 1,210 tonnes a year prior. Gold production fell 40% to 562 ounces from 929 ounces a year before.
"During the first quarter of 2021, because of the under-developed state of the mine, the operation had a single source of ore production which caused near term variability in our production plan which is expected to continue for the remainder of the first half 2021," the company said.
Capital development increased 27% to CAD579 million from CAD457 million in 2020.
Chief Executive Toby Bradbury said: "The resumption of diamond drilling is increasing the confidence in our near-term production outlook and we have already identified additional areas that may lead to an expansion of the resources.
"On our projects, we are busy with preparations for ore sorting at the Ming Mine which will improve margins and profitability from 2022, once the developed state of the mine has been re-established."
Production is set to ramp up over the second half of the year, the company added.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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